According to a source close to PlaySlots4RealMoney.com, a Michigan Court of Appeals ruled in favor of the MGM Grand Detroit last week. The ruling was delivered by the three-judge panel. This upheld the previous ruling in the casino’s favor in the Wayne County Circuit Court. The whole issue came to light over $6 million in gambling losses. Gino Accettola was at the center of this whole mess. Money gathered by 12 different investors was earmarked for construction projects in Michigan and Florida. The total investment was slightly more than $6 million.
Why Isn’t MGM Grand Detroit Not Liable For Contractor’s $6 Million Gambling Loss?
Instead of actually completing the projects, Accettola gambled all the money away at MGM Grand in Detroit. The investors decided to sue the casino for failing to stop him. This actual case goes all the way back to 2014. This was when the contractor was first given the funds. He ended up getting convicted of fraud in 2018 for a different crime.
Accettola was given a jail sentence of seven to 30 years for financial crimes. Part of those offenses was the $6 million loss. At his trial, it was revealed that he did gamble away the investors’ money.
The judges in the case did recognize the large line of credit extended to the defendant. They also made note of other forms of hospitality he received as part of that casino play. While MGM Grand Detroit should have initiated a credit check, it was not liable for the $6 million loss.
As part of the 11-page ruling in the lawsuit against MGM Detroit, the following statements were released:
“According to plaintiffs, a background check would have revealed that Accettola had no employment or another source for the millions he used to gamble at the defendant’s casino. It would have also revealed that he had a criminal history involving identity theft. And larceny by conversion, among other crimes. And that he had served a significant time in prison.”
The judges ruled that the casino in Detroit did act in good faith. It was unaware of Accettola’s lack of gambling competence. It also did not know that the money gambled was obtained for other purposes. The act of fraud was his and his alone.
The 12 investors retained Corey Silverstein as their attorney in the lawsuit. He referred to Accettola as “the worst gambler on the planet.” The judges did agree that the casino provided him with “reasonably equivalent value” for his extended play. They also indicated that the casino is not accountable for judging a gambler’s level of skill. This is before any wager is placed or accepted.
The investors first sued Accettola for fraud a few years back. This is when it came to light he lost the money gambling?
MGM Grand Detroit operates two locations in the greater Detroit metro area. The first is located at 1777 3rd Ave. and the other is at 1300 John C Lodge Freeway. The parent company is based out of Las Vegas. They also operate the MGM Grand Las Vegas as one of its flagship properties.
• Source: Detroit casino not liable after $6 million is gambled away From UPI.com On February 5, 2020.